The short version
- HYPE whale wallets sent 1.21 million HYPE, about $109 million, to FalconX and Coinbase Prime on Friday evening, two days after the ICE news lifted HYPE to $97.11.
- The bigger sender split 912,383 HYPE across nine wallets and emptied them into one FalconX account in two minutes; the other had held 296,705 HYPE since late 2024 at about $34.
- The crew is watching the 50-day MA at $85.23 and whether more early holders move coins to the desks before the 9.92 million HYPE unlock on November 6.
Two HYPE whales cashed in on this week’s ICE rally. On Friday evening, they sent 1.21 million HYPE, worth about $109 million, to FalconX and Coinbase Prime, two desks that big holders use to sell in size.
HYPE trades at $86.89 at the time of writing. That is 10.5% below Thursday’s $97.11 high, when the ICE news sent it within a dollar of its record.
Lookonchain spotted both transfers overnight:
Whales are dumping $HYPE!
Wallet 0x2685 sold 912,383 $HYPE ($82.09M) 6 hours ago, which it bought a month ago, making over $10M in profit.
Wallet 0x648F sold 296,705 $HYPE ($26.72M) 8 hours ago, which it bought 11 months ago, making $16.5M in profit.
arkm.com/explorer/addre…
Who Are the HYPE Whales?
One buyer who split a big bag across nine wallets, and one holder from late 2024. We checked both on the HyperEVM chain.
The bigger HYPE whale came second. Between 20:45 and 20:47 UTC on Friday, nine wallets each sent all their HYPE to the same FalconX deposit address, 912,383 HYPE in total. Five minutes later, it went on to FalconX’s main wallet, worth $82.09 million at about $90. Nine wallets that had made one or two transfers each, emptied in two minutes into one account, look like one owner. Lookonchain says the coins were bought about a month ago, for a profit of more than $10 million.
Two hours earlier, at 18:26 UTC, wallet 0x648F sent 296,705 HYPE ($26.72 million) to a Coinbase Prime deposit address. Arkham’s records show the same amount arriving from FalconX 11 months ago, when it was worth $10.18 million. That is about $34 a coin, and a gain of roughly $16.5 million.
A deposit at a prime broker isn’t a sale on its own, but it is the usual last step before one. Both wallets are now empty.
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How Big Is $109 Million for HYPE?
Big against the buybacks, small against the trading. The Hyperliquid Assistance Fund, which buys HYPE with the exchange’s fees, bought 164,941 HYPE ($13.9 million) over the past seven days, per its fills on Hyperliquid. The two whales moved about 51 days of that buying in one evening.
Against the $1.64 billion of HYPE that changed hands in the last 24 hours, it is about 7%. Sold slowly through an OTC desk, that can pass without a crash. Dumped at once, it would not.
The leverage has cooled too. On Thursday, longs paid shorts 0.0075% an hour in funding on Hyperliquid. Now it is 0.00125%, a sixth of that, and open interest has slipped from $2.03 billion to about $1.9 billion. The crowded long we flagged after the ICE spike has thinned out.
SIDE TRAIL: HYPE Price Up 17% as Crypto Sinks on the Binance Hack. Are Traders Fleeing to Hyperliquid?
HYPE Price: Can the 50-Day MA Hold?
The HYPE price lost the $88.50 floor it had held since the Binance hack early on Saturday, and now sits just above its 50-day moving average (MA) at $85.23. Below that sits the $84.50 area, which held at the end of September and again on October 11. When it broke the next day, HYPE slid to $74 within two weeks.
The next test is a bigger one. Hyperliquid’s core contributors get 9.92 million HYPE on November 6, eight times what these two whales moved. If more early holders follow them to the desks before then, the 50-day MA is where buyers have to show up.
TRAIL MAP: HYPE Unlock on November 6: $765M on Paper. Can Buybacks Absorb It?
In crypto since 2017, trading stocks for over 20 years. MBA. Follows the economic data and US markets closely.
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